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NATIONAL PROCESSING COMPANY, INC. COMPLETES ACQUISITION OF JBS

 LOUISVILLE, Ky., Feb. 1 /PRNewswire/ -- National Processing Company, Inc. (NPC), today completed the previously announced acquisition of JBS Associates, one of North America's largest check authorization companies, for approximately $60 million in cash and stock. Louisville headquartered NPC is a subsidiary of National City Corporation (NYSE: NCC).
 Under terms of the agreement, Riverdale, N.J.-based JBS will operate as a division of NPC, one of the nation's largest merchant credit card processors. The acquisition will allow JBS and NPC to offer their merchant customers a full line of non-cash transaction services: credit card, debit card and checks.
 JBS will continue to be led by the executive team headed by President and CEO Carl J. Williams. The company, which generated revenues of approximately $50 million last year, employs some 500 people in 26 offices in the U.S., Canada and London.
 NPC has annual revenues of approximately $200 million. The company employs 4,000 people in 12 offices across the U.S. Its parent, National City, is a $29 billion diversified financial services company headquartered in Cleveland. National City operates banks and other financial service subsidiaries, principally in Ohio, Kentucky and Indiana.
 JBS authorized over $6 billion in checks last year from over 40,000 business locations across North America. The company serves the retail, automotive, mail order and hotel industries.
 NPC provides processing services for merchant credit card transactions, airline ticketing, retail remittances and accounts payable. The acquisition of JBS followed the purchase last year of CSS, a check collection and verification company.
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 /CONTACT: Carl J. Williams, president and CEO of JBS, 201-839-8236; David Zook, senior vice president of NPC, 502-364-2914; or Bill Parness of Parness Associates, 908-290-0121, for National Processing Company/
 (NCC)


CO: National Processing Company, Inc.; JBS Associates ST: Kentucky IN: SU: TNM

AH-LR -- NY088 -- 1467 02/01/93 14:48 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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